10x Research, led by Markus Thielen, said that Bitcoin (BTC) has received correction signals and could reach $ 38,000.
With the approval and trading of the Spot Bitcoin ETF, the cryptocurrency market has entered a new phase. Leading cryptocurrency Bitcoin (BTC) is up more than 150%, benefiting from the ongoing spot Bitcoin ETF trend since September.
The approval of the Spot Bitcoin ETF slowed BTC’s rise. BTC suffered a pullback due to profit-taking and the cooling of the ETF agenda. All eyes are on what will happen next with spot ETFs. 10x Research, led by Markus Thielen, pointed out that the correction in BTC may continue.
Critical scenario for Bitcoin (BTC)
10x Research, led by cryptocurrency expert Markus Thielen, sent a letter to its clients regarding Bitcoin (BTC) trends. In this letter, we summarized possible BTC price scenarios.
10x Research investigated BTC price patterns and technical indicators and found that BTC selling may continue in the short term, thus the decline may worsen.
10x Research stated that a correction in BTC could reveal the $38,000 level. 10x Research noted that BTC could drop to $38,000 and said that the divergence in BTC’s RSI (relative strength index) is a correction signal.
Thielen said investors in Grayscale’s ETF product GBTC can look at other spot Bitcoin ETFs that offer lower transaction fees. According to the note, this could lead to selling pressure on the BTC price.
10x Research says: “There is a lot of negative news regarding parent company DCG and its surroundings.” “GBTC holders, which have a market cap of $27 billion, were charged excessive fees.”
10x Research believes that the tensions and internal conflicts in the Spot BTC ETF will be reflected in BTC and said that BTC analysis also shows a bearish trend. The MACD histogram, which measures the strength of the BTC trend, dropped below zero, highlighting the downtrend.
Investors will sell their BTC first before looking at another ETF issuer, 10x Research said in a note to clients. The research team argued that the sale of BTC by GBTC investors would lead to price pressure.
